Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Fonterra has paid $30 million to boost its stake in struggling Chilean milk processor Prolesur.
The 13.6% stake bought from Fundación Isabel Aninat takes the co-op’s stake in Prolesur to 99.9%.
Prolesur, based in southern Chile which sells most of its production to Soprole, a leading consumer branded dairy company in Chile and is 99.9% owned by Fonterra.
The remaining 0.1% of Prolesur’s shares are held by minority shareholders, which Fonterra will offer to purchase at the same price per share being paid to the Fundación for its shareholding.
Fonterra chief executive Africa, Middle East, Europe, North Asia and the Americas (AMENA) Kelvin Wickham says the acquisition allows Fonterra to simplify the interface between Prolesur and Soprole and take steps to better integrate the two businesses.
Both Prolesur and Soprole have faced challenging trading conditions in recent years.
“Having the two more closely integrated will generate operating efficiencies across the supply chain from milk collection, to processing and administration,” says Wickham.
“It also allows us greater flexibility as we focus on realising the best value for the co-op from our businesses in Chile in line with our new strategy.”
Fonterra’s new strategy focuses on using mostly milk from its New Zealand farmer suppliers to supply dairy products around the world.
It is looking at streamlining overseas milk pools; China, Chile and Australia.
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.